Which of the following statements are true? check all that apply.
__ in this labor market, a minimum wage of $7.50 is binding.
__ if the minimum wage is set at $10.50, the market will not reach equilibrium.
__ in the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
__ binding minimum wages cause frictional unemployment.

Suppose a bill is passed to make minimum hourly wage as $7.50, the implications would be that:

-If the minimum wage is set at $10.50, the market will not reach equilibrium.

-In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.

Therefore only the two above listed statements would be TRUE.

question 1:

senate and house of representatives

i would try to answer the second question but i’m not 100% positive but i hope i